Friday, 21 March 2014 Metcash Limited ABN Waterloo Road Macquarie Park NSW 2113 Australia

Transcription

1 Friday, 21 March 2014 Metcash Limited ABN Waterloo Road Macquarie Park NSW 2113 Australia ASX ANNOUNCEMENT METCASH ANNOUNCES TRANSFORMATION PLAN Metcash Limited today released details of its transformation plan following a strategic review that began in June Ian Morrice, CEO of Metcash, said the transformation plan focussed on four strategic priorities that when implemented, would underpin long term sustainable growth for Metcash and independent retailers. These included: Transforming Metcash Food & Grocery (MFG), known as Project Diamond; Driving consolidation and sustainable network growth; Further enhancing its world class supply chain; and Enabling Successful Independents. Project Diamond is the key initiative for MFG. Following significant research we plan to reignite top line growth within the food and grocery channel through implementing six growth levers. The consolidation and sustainable network growth initiative will see Metcash focus on converting more independent retailers to our liquor, hardware and automotive banners; extend our retail footprint; reinvigorate our retail execution and enhance the category growth opportunities. Metcash is already well known for its logistics capabilities but our benchmark is world best practice. We will drive efficiencies through further infrastructure investment; continue to invest in technology; increase flexibility to better serve customer needs and reduce our cost of service. The final initiative in the transformation plan is providing better support to independent retailers. We plan to do this by expanding our digital platform by introducing competitive omni-channel solutions locally tailored for retailers and providing enhanced analytics and insights capabilities. In addition we will provide programs through a Retail Academy, part of attracting and training new retailers to the independent network; developing existing retailers skills and capabilities and provide greater value-adding services to members, Mr Morrice said.

2 Metcash is driving the transformation of MFG with significant investment over the next three years. Total capex is estimated to peak at between $150m and $180m in 2015, reducing to $130m-$150m in 2016 and The costs of the transformation plan are as follows: MFG transformation: $100m - $125m predominantly to fund store refurbishments, new stores and store buybacks; Supply Chain: $160m - $180m DC Automation; Digital: $15m-$20m; and Other discretionary capex: $85-$130m allocated for bolt on opportunities and network growth. In order to fund the initiatives in the transformation plan Metcash will target further working capital improvements of $30-$40m over FY15 and FY16; reduce the Dividend Payout Ratio to 60% commencing from final FY14 dividend; and continue to offer its dividend reinvestment plan (DRP) to shareholders. The company retains flexibility in its capital management plan to underwrite the DRP. The DRP will provide balance sheet support and enable Metcash to continue to invest in the business and implement the initiatives from Project Diamond while maintaining a prudent capital structure. Mr Morrice said management was confident in the work that had been completed on the transformation plan to date and acknowledged that success was dependent on very good execution. Initial pilot program results are very positive and retailers working with Metcash are strongly supportive of the plan. Attached is the Strategy Briefing presentation detailing the transformation plan. ENDS For further information: Stephen Woodhill Group General Manager Corporate Affairs +61 (0) or +61 (0)

3 SUCCESSFUL INDEPENDENTS STRATEGY BRIEFING, MARCH 21 ST 2014

4 SUCCESSFUL INDEPENDENTS INTRODUCTION & GROUP OVERVIEW

5 Our purpose: Successful Independents Our values Integrity is the foundation of our values: Supporting our customers and suppliers Our people are empowered and accountable Adding value in our community Our vision Growing our markets and delivering value to our stakeholders Distribution and merchandising excellence Retailer and consumer champions Successful and passionate independents Great place to work Our model Our markets Food & Grocery Delivering value Liquor Hardware Automotive 3

6 The strategic review June (Review kicked off) We remain very confident about the future of independent retailing: Consumers want a convenient, local, successful independent alternative to the chains Retailers want to continue to grow their businesses Suppliers can realise greater volumes via network growth Shareholders can realise long-term sustainable returns Dec (1H14 Results market update) We have a clear purpose and have identified four strategic priorities to underpin the long term sustainable growth of the independent network March (Investor Day) 4

7 Our strategic priorities To underpin long-term sustainable growth of the independent network we will: Reinvest in our core business Become demand driven not supply led Ensure group is prudently funded 5

8 SUCCESSFUL INDEPENDENTS 1. TRANSFORMATION OF METCASH FOOD & GROCERY

9 $ B We recognise that we must change MFG Revenues have plateaued Resulting in operating de-leverage CAGR: '08-'11: 6.8% CAGR: '11-'13: (0.5%) CAGR: '08-'11: 10.2% CAGR: '11-'13: (3.9%) inflection 300 inflection FY08 FY09 FY10 FY11 FY12 FY13 LFL S 5.2 % 0.5% -1.3 % -0.3 % - FY08 FY09 FY10 FY11 FY12 FY13 7

10 Changing our network model Model must evolve to remain competitive Traditionally buying and ranging focused, rather than shoppers needs Strategy for own brands has not kept pace with retailer and consumer expectations Inconsistency across the network on pricing, retail execution, and quality & consistency of the fresh offer Lack of investment in stores has resulted in limited delivery of compelling offer Current model unable to attract and retain high calibre retailers Underlying LFL sales have been lagging the market Developed a fact-driven shopper led strategy with input from key stakeholders Strategy is based on a deep understanding of shopper preferences: Surveys, demographics and shopper interviews create visibility into shopper needs within geographic catchments Built deep understanding of value drivers: Data driven conclusions on drivers of store over/underperformance and actions required for stores to achieve full potential Worked closely with retailers and suppliers to develop & test the solutions Pilot programs under way will allow us to refine assumptions Change is now necessary to underpin a successful & sustainable network 8

11 Transformation plan has identified six growth levers Shopper-led ranging Competitive pricing Compelling fresh offer Retail excellence Network investments 6 Convenience reset Differentiated offer by catchment Localised range Compelling own brands Shopper led category management Deliver How the locals like it in-store Competitive shelf prices Continue aggressive promotions Focused shopper communication Format and occasion pricing Space and layout In-store standards, capabilities, execution Fresh capabilities (at MFG) Fresh tailored to occasion e.g. Buy as you need Store owner excellence Diamond¹ benchmarks identified Retailer academy System efficiency Qualify for the right to the banner Launch Diamond¹ standard store Investment in refurbs initially, then accelerate new store openings Build retailer services - digital and online Category focussed share of wallet strategy Customer sector approach to growth C-store sector consolidation Pilot small store formats ¹ Top performing quartile of IGA network 9

12 To be executed over three phases Strategic Review 1. Fix the Basics 2. Invest in Growth 3. Sustain Growth Offer competitive prices and promotions Develop shopper-led range Competitive own brands Set fresh standards Improve retail execution Build shopper-led culture Improve marketing competencies Build strong retail capabilities Expand innovation in price and promotions Grow new, exciting offers and categories (e.g. fresh valueadd) Tiered own brand offer Develop compelling fresh Retailers must be aligned with banner discipline / guidelines Make network investments Make every store famous as a local shopper destination Emphasise strong local focus New, tailored formats Digital platform in place Full independent category management Fixing the basics and investing in growth is imperative to creating a sustainable independent network 10

13 1. Shopper-led ranging: Will drive growth and differentiation Deliver on How the Locals like it Recognise that we will buy and range for shopper needs, not warehouse needs Develop an attractive own brands offer with three clearly defined tiers Manage range based on clear understanding of category structure and roles Tailor range to mission and catchment differentiate based on analytics and local retailer insights Improve execution across the system Shopper and retailer benefits Present an appealing and tailored offer and range to the shopper Rationalisation of SKUs in order to create space to deliver the right offer Increase shelf productivity by ensuring space is freed up for growth categories 15-40% sales/m 2 outperformance by stores with range tailored to their catchment Tailored range to drive retailer sales and GP 11

14 1. Shopping-led ranging: Tiered own brand offering is key Tier Current offer Ambition Premium/ controlled None at present Build/source strong premium brand to differentiate product range Build controlled brand offer Everyday Significantly strengthen IGA Signature and introduce new everyday product Redirect significant volume from discount tier to manage margin and price perception Discount Reduce shelf price to be competitive Deliver a consistent brand proposition Decrease reliance on discount tier as volume shifts to premium and everyday Tiered own brand offer to meet consumer needs 12

15 2.Competitive Pricing: Price Match is a key initiative Price Match will achieve sustainable competitiveness in shelf prices and communicate this clearly to the shopper Metcash Food & Grocery (MFG) and retailers are making a significant investment to match competitors prices on thousands of everyday products Competitive pricing will deliver ~$100m of value to consumers We are currently piloting Price Match in 34 IGA stores across the country, and will review and refine to ensure a successful roll out across the network Competitive pricing drives volume 13

16 3. Compelling fresh offer: Starts with retail execution 1 Implement optimal fresh format and in-store designs Initial focus will be on investing in our internal resources and helping develop retailer capabilties Improve in-store execution Achieve consistent range, price and promotions in stores Provide an effective sourcing solution for retailers 35-40% Higher sales/m 2 for stores with fresh mix over 30% of total sales Strong fresh offer drives sales and margin 14

17 3. Compelling fresh offer: Leverage existing network excellence Best practice example: Romeo's Supa IGA St Ives, NSW Quality space allocation and format design Open, and spacious Prominent display for seasonal product Great in-store execution Clear ticketing, abundant and appealing Dedicated resource Consistent high quality and wide range Wide range on offer High quality and consistent price 15

18 4. Retail excellence: Underpins retailers reaching potential Well-trained retail consultants and fresh specialist field force will be increased by 50% The role of field staff will change from auditor to value-add partner Complete Diamond Standard ¹ tool-kit which establishes path to excellence for store operators Build a training academy to develop skills for owners and staff Fresh execution is a critical priority across all initiatives Renewed focus on driving down retailers cost of doing business Improve retail execution Empower business owners Foster people development 1. Top performing quartile of IGA network 16

19 5. Network investment: Two pronged approach 1 2 First invest in current network to improve customer offer Working together to ensure retailers can fund refurbishments as needed Initially targeting over 400 stores for refurbishment over the next 3-4 years Improving the quality and space allocation of retailers fresh section is a critical focus Refurbishment pilot plans are under way Then invest in new store openings Re-start investment in new sites when we have fully tested the optimised model and proposition In the interim we will continue to support retailers who are pursuing store expansion Romeo's Supa IGA St Ives Ashcrofts Supa IGA, Orange 17

20 IGA retailer support for change is strong Strong level of retailer engagement / consultation from the beginning Pilot retailers and working groups Retailer Engagement National Council and State Boards Shift in Metcash: from supply led demand driven Retailers committed to disciplines around execution Executable plans creating genuine retailer support & excitement Ryan's stores are part of 34 store pilot program Built on data / insights and analysis not previously available Store Pilots Genuine store staff engagement Driving consistent execution storewide Developed through strong Metcash / Retailer partnering Pilot results are strong/encouraging Changes at MFG are welcomed by retailers 18

21 6. Convenience strategy: Improve and grow the business Improve C-Store Distribution performance and profitability Improve Campbells Wholesale performance and profitability Consolidate C-store sector Develop our retail formats Target broader share of wallet within existing accounts Grow sales of higher margin product (e.g. Grocery, GM) Leverage supply chain investment Drive lower cost sourcing Improve key elements of value proposition: price, promotions and service Target growth in more profitable segments Engage customers via digital platforms that make it easy to shop Create a c-store offer to support existing independent service stations Develop distinct value add offer to each banner Leverage MFG buying power Actively consolidate fragmented c-stores into Banner groups Test fresh-focussed formats with readyto-eat and ready-tocook ranges Potential for converting existing sites in metro areas Develop modules to use within other banners (e.g. readyto-eat) 19

22 The transformation has begun We have defined our vision for the future of MFG Our transformation will be sales growth-led Shopper-driven organisation with an appealing offer to customers Offer that is competitive against the majors, but differentiated by being targeted to local communities Data has been collated and analysed to support model A retail model that is sustainable and attracting new retailers And we ve started the journey: Retailers have endorsed the vision Suppliers are supportive of the transformation The Metcash organisation is aligned for the journey Pilots for two key initiatives are underway with more in the pipeline 20

23 Financial impact of MFG Transformation Revenues: Returning to trend growth Earnings: Short term investment to fund growth plan Sales trajectory expected to return to growth in FY15 as we execute the strategy Returning to the market¹ growth rate over the medium term Significant investment in the underlying retail offer Significant further investments in fresh execution, own brand offer, retail training / development and development of merchandise & shopper insight capabilities Total opex investment impact of $40m - $45m over FY15 Return to earnings growth from FY16 Capital: Co-invest with retailers in the network $ m of growth capex to underpin the transformation over the next 5 years Majority for co-investment with retailers on refurbs and store development ¹ABS Retail Trade, Food Retailing 21

24 SUCCESSFUL INDEPENDENTS 2. CONSOLIDATION & SUSTAINABLE NETWORK GROWTH

25 SUCCESSFUL INDEPENDENTS AUSTRALIAN LIQUOR MARKETERS

26 Customer base >12,000 Hotels, liquor stores & other licensed customers Independent retailer banner groups Most efficient source of supply Full service model Continue to grow On-premise ALM has achieved strong growth in a flat liquor market 24

27 IBA s growth is consumer led Grow convenient locations Provide everyday value Category focus (optimal localised range) Consumer led Category management Excellent in-store execution Strategic Supplier relationships 64% of shoppers look at price before they start their journey¹ 24% of shoppers actually shop on price¹ Outperforms the market consistently like for like ¹ *The Lab/Raspberry Consumer research 13 25

28 Future growth Right banner to the catchment Continue to convert fragmented players to Independent Brands Australia (IBA) 87% of liquor shopping occasions are in small format stores Competitor 1 ~900 stores Competitor 2 ~1,300 stores ~1,200 stores Rest of market ~2,000 stores Within 12 min from home 26

29 ALM strategic priorities ALM CUSTOMERS CONTROLLED MARKETING GROUPS RETAILER SUPPORT CULTURE Provide the best low cost supply chain to independents Focus on reducing CODB Support our contract retail customers Continue to build onpremise supply Consumer focused offer at store level Continue the growth of licensed retail brands Give suppliers a sustainable route to consumers Meet the demand in each local market Utilise multiple channels to maximise reach Online training academy in place Build on IT platforms, Scan data analysis Share benchmarks of best practice Continue to provide consumer insights to ensure offer meets their needs Empowered and accountable people Customer service focus Continue to develop and grow our people Employer of choice 27

30 SUCCESSFUL INDEPENDENTS MITRE 10

31 Significantly improved network Converted 74 independent stores to M10 Established national footprint of JV s (trade based) Alliance with Natbuild trade buying group 83% of network brand compliant Brand repositioning: Mighty Helpful Automated DC s & China 3PL Since acquiring M10 in 2010, Metcash has significantly improved operational performance 29

32 M10 strategic priorities consumer driven 1. Value to the consumer 2. Shopper led-range 3. Retail excellence 4. Trade focused 5. Optimal location & convenience 6. Superior customer service SUPPLY CHAIN Lowest cost to serve RETAIL ANALYTICS Scan data Mighty Rewards MARKETING Supporting locals Tailored to customer 7. Locally owned 30

33 M10 strategy is consumer driven RANGE & PRICE RETAIL EXCELLENCE DOMINATE TRADE SUPERIOR CUSTOMER EXPERIENCE Shopper led range Convert independent non- Natbuild alliance Omni-channel expectation Support quality brands Aggressive catalogues 75 competitive seasonal aligned stores to M10 Improve in-store execution Optimise JV s Relationship driven Technology for the tradie Convenient (get in get Physical store Web (research) On-line (click & collect) Smart phone KVI s Store of the future out) Superior service & advice Private label refresh Drive thru & delivery Mighty Helpful 31

34 Strong focus on the local market Mitre 10 is well positioned in both trade and customer service because our stores are locally owned Local ownership only makes a difference if our consumer strategy is effectively executed 32

35 SUCCESSFUL INDEPENDENTS METCASH AUTOMOTIVE

36 Australian Independent Automotive Market Overview 17.1M Vehicles 10 years average age 2.4% Annual growth $11BN WHOLESALE $30BN TOTAL AUTO MARKET Industry is: Fragmented Diverse Independent ACCESSORIES CHEMICALS RETAIL FILTRATION FLUIDS OILS TYRE TRADE Metcash Automotive Focus BRAKE SUSPENSION SERVICE COOLING ELECTRICAL BATTERY GENERAL TYRE 34

37 Metcash has made three strategic entries into Automotive AUTOMOTIVE BRANDS GROUP JULY 2012 AUSTRALIAN AUTOMOTIVE DISTRIBUTION MAY 2013 PARTCO DECEMBER 2013 RETAIL TRADE SERVICE Foundation entry 246 store network Strong brands Wholesale / trade entry Brake / Suspension Service Entry 53 Franchised Outlets Adjacency expansion - water pump, steering & suspension 35

38 Metcash Automotive strategy is consumer driven CUSTOMER VALUE LOWEST COST TO SERVE UNIFIED CULTURE BUILDING BRANDS Consumer led ranging Innovative and effective marketing Strong consumer value proposition Disciplined merchandising standards Enhance store training and development Increase retailer profitability through lower CODB Optimise supply chain with multi-service DC s and JIT capability Expand direct sourcing and leverage growing scale Strong cost control Build talent profile Share learnings and best practice across business platforms Drive empowerment & accountability Network growth via greenfield development and independent conversions Grow presence in service Participate in industry consolidation Extend product development and heritage brand relationships 36

39 SUCCESSFUL INDEPENDENTS 3. WORLD CLASS SUPPLY-CHAIN

40 Our capabilities continue to grow and evolve Focus on lowering logistics CODB One system, One way Common Standards Mega centre in each region Technology through Voice & Put-to-light Network design NDC/RDC Automation Phase 1: - Miniload System Automation Phase 2: - Split Case Pick Automation Phase 3: - Full Case Pick Metcash already has best in class distribution capabilities 38

41 Strategic priorities for supply chain 1. Better align our supply chains to the needs of retail customers and suppliers 2. Continue to optimise Cost-to-Serve equation through operational excellence 3. Ensure a safe work environment whilst reducing reliance on manual handling through investment in automation 4. Leverage distribution synergies and technologies across our businesses Global best practice is our benchmark 39

42 Aligning our supply chain to deliver benefits CURRENT SUPPLY CHAIN TRANSFORMING TO Food & Liquor Hardware & Automotive Fresh & Daily 40

43 Investing in Automation Execution Metcash Benefits Retailer Benefits Deploying technology in 3 operational areas: Split case and single pick goods-to-man Robotic full case automation picking Project Mustang Inbound delivery management Cost reduction Regulatory compliance Improved productivity Higher service levels Store friendly pallet deliveries Improved order to delivery lifecycle Improved transport utilisation 41

44 Automation Full Case Pick ( Project Mustang) Pick Rates per Hour Current (Manual) Future (robotic) Full case automatic storage, retrieval and picking technology Using robotic technology Capable of 150,000 picks per 16 hour day Holds 300,000 cases, 1.5 days inventory 42

45 Automation Split Case Pick Single pick and split-case Goods-to- Man automation technology Capable of ,000 picks per day Supports convenience strategy Perfect technology for Single Pick & Deliver, B2B or B2C Pick Rates per Hour Current (manual) Future (automated) 43

46 SUCCESSFUL INDEPENDENTS 4. SUPPORTING INDEPENDENTS

47 The Metcash training academy METCASH CENTRE OF EXCELLENCE NEW BLOOD RETAILERS EXISTING RETAILERS INTERNAL TALENT FORMAL ASSESSMENT Established competency assessment Psychometric profile matching Sourcing plan / retailer portfolio Identifying opportunities for up-skilling STRUCTURED TRAINING & DEVELOPMENT Standardisation and centralised best practice training Set curriculum & core competency framework Measure results for continuous improvement SPECIFIC TO PILLAR Retail management skills & execution Product / department training Store Operations & OHS Commercial acumen; financial / performance management SUCCESSFUL & SUSTAINABLE INDEPENDENTS 45

48 Digital strategy - deliver leading digital experiences 1. Fix the Basics 2. Invest in Growth 3. Sustain Growth Align strategies across pillars Select common solutions Build internal expertise Learn how to optimize loyalty data with selected retailers Measure and act on digital ROI Make B2B easy to transact Develop retailer specific digital service offering Aggregate retailer loyalty data Develop consumer driven promotional programs Common loyalty platform Intent is to create economies of scale Innovative retail technologies Localise, customise and personalise Differentiate and tier retailer service offerings Create aligned partnerships Scale solutions tailored to retailers local needs 46

49 Activity is structured around five work streams Brand engagement Analytics and Insights Direct consumer engagement ecommerce Retail execution OBJECTIVES Build brand equity through digital channels, extending consumer reach and relevance Transform culture, putting consumer insights at the heart of decision making Personalise and customise communications and offers at a retailer level Deliver seamless multi-channel shopping with local retailer execution Leverage scale to bring innovation to retailers and support local propositions ACTIVITY IGA Valentines Day campaign named by Twitter as Best in Australia Managed web pages for 915 stores Partnership with Teradata Gartner Magic Quadrant provider Fishers IGA pilot rolling out after successful test Mighty Rewards program expansion Hybris partnership Forrester ecommerce Global Leader for both B2C & B2B Convenience online platform replacement Digital advertising roll-out to 800 stores Skyfii free in-store wifi program Enterprise platforms and capability delivering local content, consumer engagement and execution

50 SUCCESSFUL INDEPENDENTS FINANCIALS

51 Capital Expenditure TOTAL SPEND NEXT 5 YEARS KEY COMMENTS Maintenance Capex Approximately inline with D&A In line with previous years Growth Capex MFG Transformation (~$ m) Supply Chain (~$ m) Digital (~$15-20m) Store refurbishments New stores Store buybacks DC automation First Project Mustang to go live by September 2014 Next Mustang not before 2017 Digital platforms and consumer engagement Other discretionary capex (~$85-130m) Bolt-on opportunities Network growth Total Capex Total capex over 5 years of $ m Peak in 2015 at $ m Reduces to $ m for 2016 and 2017 as MFG transformation initiatives give way to supply chain 49

52 Funding requirements and Capital Management Strategic review & transformation plan has identified the need to invest in the core business over the next few years Metcash has delivered a high dividend payout over the last few years (consistent with its philosophy of returning funds to investors in the absence of suitable investment opportunities) To fund these initiatives Metcash will: Target working capital improvements of $30 40m over FY15 to FY16 as a result of the MFG Transformation initiatives Reduce the dividend payout ratio (DPR) to 60%, which is in line with policy (commencing from final FY14 dividend) Continue to offer its dividend reinvestment plan ( DRP ) to shareholders and will decide whether to underwrite the DRP closer to the FY14 full year results. The DRP will provide balance sheet support and enable Metcash to continue to invest in the business and implement the initiatives from Project Diamond while maintaining a prudent capital structure Management will continue to monitor credit metrics throughout the Transformation period to ensure prudent levels of gearing are maintained 50

53 A$m Metcash Debt Maturity Profile Refinance of the A$400m Tranche of Syndicated Facility (Core debt) maturing December 2014 Completed in March 2014 Two new tranches: A$200m maturing June 2018 (FY19) and A$225m maturing June 2019 (FY20) Relationship banks have been supportive in this refinancing Sufficient headroom to financial covenants to support MFG transformation investment No debt refinancing required until FY Metcash Debt Maturity Profile (at 17 March 2014) ¹ FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Core Revolving Weighted Average Maturity = 3.2 years 51

54 Gearing % Gearing, cash realisation ratio & interest cover Metcash will target strong financial metrics through the MFG transformation Gearing (preferred target <40%) to spike in FY15 but then improve with earnings Managed in short term via lower DPR & ongoing DRP 180% 160% Gearing Cash realisation Interest Cover % Cash realisation targeted to remain above 100% Aided by further improvements to working capital management and declining cash outflows from servicing legacy provisions 140% 120% 100% % 94.6% 92.6% Interest cover in the preferred range of 7-8x Anticipated decline in short-term (FY15) as project is deployed, with recovery from FY16 Aided in short term via lower DPR and ongoing DRP Conservative approach to balance sheet management appropriate in context of MFG transformation 80% 60% 40% 20% 33.5% 36.7% 49.3% 42.6% 33.2% 35.4% Near term reduction to DPR and ongoing DRP Return to targeted metrics within strategy execution horizon 0% FY10 FY11 FY12 FY13 FY14 1H

55 Summary Near term Opex investment peaking in FY15 will be reflected in FY15 earnings Significant capital investment over 5 years - $ m causing a spike in gearing in FY15 Prudent capital management solutions including working capital initiatives, reductions in dividend payout ratio and ongoing DRP with potential to underwrite as required A return to targeted metrics within the strategy execution horizon Management will continue to monitor credit metrics throughout the Transformation period to ensure prudent levels of gearing are maintained 53

56 SUCCESSFUL INDEPENDENTS WRAP-UP

57 Path forward is strong OUR PURPOSE: SUCCESSFUL INDEPENDENTS 55

58 SUCCESSFUL INDEPENDENTS THANK YOU